Bennet Celebrates Billions of Dollars from Inflation Reduction Act for Rural Clean Energy in Colorado

Denver - On Friday, Colorado U.S. Senator Michael Bennet joined U.S. Representatives Yadira Caraveo and Brittany Pettersen, U.S. Department of Agriculture (USDA) Deputy Secretary Xochitl Torres Small, and leaders from Colorado rural electricity cooperatives to welcome more than $2.5 billion in low-cost financing and grants from USDA's New ERA (Empowering Rural America) program to support Tri-State Generation and Transmission Association's clean energy transition. Bennet also welcomed the news that two additional Colorado co-ops: Yampa Valley Electric Association and Poudre Valley REA (PVREA) would move forward in the New ERA awards process. Bennet helped secure roughly $13 billion in the Inflation Reduction Act (IRA) to support rural clean energy initiatives through USDA, including the New ERA program.

"With [the Inflation Reduction Act], we are rapidly deploying clean energy and boosting American manufacturing for wind, solar, and batteries," said Bennet in his remarks. "Most important, we put rural America at the center of this transition. Actually, rural America put rural America at the center of this transition because of these co-ops in Colorado."

"Co-ops deliver power to over 70 percent of our state. They reach all four corners and they serve nearly 1.5 million people. And I think Colorado co-ops are uniquely positioned to drive economic opportunity for rural America, to set a standard for the rest of the country and the rest of the world, and are critical to our affordable transition to clean energy. The funding announced today is going to help our co-ops modernize their energy infrastructure, cut pollution, create high-paying jobs where we need them most, and lower energy costs for farms, for families, and for small businesses all over our state," concluded Bennet. "I'm so grateful that, as usual, Colorado is leading the way."

This funding will help rural electricity cooperatives bring affordable, reliable clean energy to communities across Colorado. Bennet and the leaders made the announcement during an event held at Tri-State's headquarters in Westminster, Colorado. Ahead of the presentation, they sat down for a roundtable discussion about the importance of rural communities leading the nation's clean energy transition.

Last month, Bennet welcomed an initial announcement of $1.1 billion for rural cooperatives in Colorado through the New ERA program. The New ERA program is a $9.7 billion program created in the IRA that helps rural electric cooperatives transition to clean, affordable, and reliable energy. It represents the largest investment in rural electrification since the New Deal. This funding was part of the nearly $13 billion Bennet championed in the IRA to accelerate clean energy deployment, create local economic opportunities, and lower costs for families in rural communities. Bennet helped secure these investments alongside direct pay provisions in the IRA that allow rural electric cooperatives, public power companies, Tribes, and other entities without tax liability to access clean energy tax credits for the first time.